BFSI on hiring sprint, IT sector stumbles in headcount marathon in FY24

The fast-expanding banking, financial services and insurance (BFSI) sector has emerged as the largest recruiter in Corporate India for the second consecutive year. In 2023-24 (FY24), listed BFSI companies, including public sector banks (PSBs), added nearly 200,000 employees. In contrast, the headcount in the information technology (IT) services sector declined by nearly 66,000.

In comparison, BFSI firms hired 172,000 on a net basis in FY23, while IT services companies had a net recruitment of 131,000 employees.